Stock Market News - Punjab National Bank, Mindtree Falls; DHFL in Focus

Punjab National Bank Falls The Most In Nearly Two Months Shares of Punjab National Bank fell as much as 7.5 percent, the most since May 13, to Rs 75.70. The state-run lender aid that it has detected a fraud of over Rs 3,800 crore by Bhushan Power & Steel Ltd., according to its stock exchange filing. Trading volume was more than eight times its 20-day average.

Mindtree Falls After Top Executive Quits Shares of Mindtree extended declines for the fourth consecutive trading session. The stock fell 3.8 percent to Rs 831.55 as of 9:40 a.m. The scrip is currently trading ex-dividend. The company’s CEO and Managing Director Rostow Ravanan resigned. Krishnakumar Natarajan too resigned as executive chairman. Besides, NS Parthasarathy resigned as executive vice chairman and chief operating officer. They will continue to stay as board members and employees till July 17, in-line with their contracts.

Credit Suisse on IndusInd Bank - Global brokerage house Credit Suisse has an overweight call on IndusInd Bank with a target price at Rs 1,800."We re-instated coverage on bank & built-in Bharat Financial merger," the investment firm said, adding 10 percent of company's loan book will now be microfinance institutions (MFIs) and MFI will drive NIM expansion on lower funding cost.

Yes Bank Top Performer On Sensex, Nifty Shares of Yes Bank halted their four-day losing streak. The stock rose as much as 7 percent to Rs 94.35. The Mumbai-based lender refuted speculations over the lender’s board and management stability, asset portfolio, future growth prospects, among other things which have emerged over the past few weeks, according to its statement on the exchanges. “We suspect it is a deliberate and malicious attempt to create instability in the institution by undermining investor and client confidence. We have apprised the authorities of these developments,” Yes Bank said.

CATCH ALL MARKET UPDATES - 

1. Escorts slip 3%

2. Titan dips nearly a percent

3. Oberoi Realty skids over 2%

4. Asian Paints dips over 1%

5. IndusInd Bank gains mildly

6. Indiabulls Housing Fin slips 1%

7. Hero MotoCorp dips nearly 4%

8. Inani Marbles & Industries tumbles over 15%

Rupee Opening: The Indian rupee opened lower by 15 paise to 68.57 against the US dollar. The currency closed at 68.42 a dollar on Friday.

Maruti Suzuki Hits 2-Year Low - Shares of country's largest car maker Maruti Suzuki hit a two-year low of Rs 6,151, falling more than 3 percent intraday after Budget ignored the sector.

JSPL Steel Production - Jindal Steel & Power in its BSE filing said the company recorded steel & related products production of 1.57 MT (million tonnes) and sales of 1.51 MT during the quarter of April – June 2019. "The quarterly steel & related products production & sales saw a robust 17 percent and 16 percent growth respectively during Q1 FY20 on a year-on-year basis. 

Stocks slip to a 52-week low - Bosch, Maruti, TVS Motor and Hero Motocorp hit their respective 52-week low today

DHFL in Focus - Banking sources told CNBC-TV18 that banks may have to mark 35-40 percent of their exposure to DHFL as unsustainable. SBICAP is working on a draft resolution plan for DHFL.

Source

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